Africa's Pulse, No. 21, Spring 2020 : An Analysis of Issues Shaping Africa’s Economic Future

The COVID-19 pandemic has taken a toll on human life and brought major disruption to economic activity across the world. Despite a late arrival, the COVID-19 virus has spread rapidly across Sub-Saharan Africa in recent weeks. Eeconomic growth in Sub-Saharan Africa is projected to decline from 2.4...

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Main Authors:	Zeufack, Albert G., Calderon, Cesar, Kambou, Gerard, Djiofack, Calvin Z., Kubota, Megumi, Korman, Vijdan, Cantu Canales, Catalina
Format:	Serial
Published:	World Bank, Washington, DC 2020
Subjects:	CORONAVIRUS COVID-19 ECONOMIC SHOCK ECONOMIC GROWTH ECONOMIC OUTLOOK GLOBAL TRADE COMMODITY PRICES FISCAL POLICY DEBT SUSTAINABILITY DEBT VULNERABILITY RECOVERY WELFARE IMPACT HEALTH FINANCE TRADE FOREIGN DIRECT INVESTMENT CAPITAL FLOWS DEVELOPMENT FINANCE FOREIGN AID REMITTANCES DEBT SERVICE
Online Access:	http://documents.worldbank.org/curated/en/799911586462355556/An-Analysis-of-Issues-Shaping-Africas-Economic-Future http://hdl.handle.net/10986/33541

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recordtype	oai_dc
spelling	okr-10986-335412021-04-23T14:05:20Z Africa's Pulse, No. 21, Spring 2020 : An Analysis of Issues Shaping Africa’s Economic Future Zeufack, Albert G. Calderon, Cesar Kambou, Gerard Djiofack, Calvin Z. Kubota, Megumi Korman, Vijdan Cantu Canales, Catalina CORONAVIRUS COVID-19 ECONOMIC SHOCK ECONOMIC GROWTH ECONOMIC OUTLOOK GLOBAL TRADE COMMODITY PRICES FISCAL POLICY DEBT SUSTAINABILITY DEBT VULNERABILITY RECOVERY WELFARE IMPACT HEALTH FINANCE TRADE FOREIGN DIRECT INVESTMENT CAPITAL FLOWS DEVELOPMENT FINANCE FOREIGN AID REMITTANCES DEBT SERVICE The COVID-19 pandemic has taken a toll on human life and brought major disruption to economic activity across the world. Despite a late arrival, the COVID-19 virus has spread rapidly across Sub-Saharan Africa in recent weeks. Eeconomic growth in Sub-Saharan Africa is projected to decline from 2.4 percent in 2019 to -2.1 to -5.1 percent in 2020, the first recession in the region in 25 years. The coronavirus is hitting the region’s three largest economies —Nigeria, South Africa, and Angola— in a context of persistently weak growth and investment. In particular, countries that depend on oil and mining exports would be hit the hardest. The negative impact of the COVID-19 crisis on household welfare would be equally dramatic. African policymakers need to develop a two-pronged strategy of “saving lives and protecting livelihoods.” This strategy includes (short-term) relief measures and (medium-term) recovery measures aimed at strengthening health systems, providing income support to workers and liquidity support to viable businesses. However, financing of these policies will be challenging amid deteriorating fiscal positions and heightened public debt vulnerabilities. Therefore, African countries will require financial assistance from their development partners -including COVID-19 related multilateral assistance and a debt service stand still with official bilateral creditors. 2020-04-07T20:49:28Z 2020-04-07T20:49:28Z 2020-04-08 Serial http://documents.worldbank.org/curated/en/799911586462355556/An-Analysis-of-Issues-Shaping-Africas-Economic-Future 978-1-4648-1568-3 http://hdl.handle.net/10986/33541 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Publication Africa Sub-Saharan Africa
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
topic	CORONAVIRUS COVID-19 ECONOMIC SHOCK ECONOMIC GROWTH ECONOMIC OUTLOOK GLOBAL TRADE COMMODITY PRICES FISCAL POLICY DEBT SUSTAINABILITY DEBT VULNERABILITY RECOVERY WELFARE IMPACT HEALTH FINANCE TRADE FOREIGN DIRECT INVESTMENT CAPITAL FLOWS DEVELOPMENT FINANCE FOREIGN AID REMITTANCES DEBT SERVICE
spellingShingle	CORONAVIRUS COVID-19 ECONOMIC SHOCK ECONOMIC GROWTH ECONOMIC OUTLOOK GLOBAL TRADE COMMODITY PRICES FISCAL POLICY DEBT SUSTAINABILITY DEBT VULNERABILITY RECOVERY WELFARE IMPACT HEALTH FINANCE TRADE FOREIGN DIRECT INVESTMENT CAPITAL FLOWS DEVELOPMENT FINANCE FOREIGN AID REMITTANCES DEBT SERVICE Zeufack, Albert G. Calderon, Cesar Kambou, Gerard Djiofack, Calvin Z. Kubota, Megumi Korman, Vijdan Cantu Canales, Catalina Africa's Pulse, No. 21, Spring 2020 : An Analysis of Issues Shaping Africa’s Economic Future
geographic_facet	Africa Sub-Saharan Africa
description	The COVID-19 pandemic has taken a toll on human life and brought major disruption to economic activity across the world. Despite a late arrival, the COVID-19 virus has spread rapidly across Sub-Saharan Africa in recent weeks. Eeconomic growth in Sub-Saharan Africa is projected to decline from 2.4 percent in 2019 to -2.1 to -5.1 percent in 2020, the first recession in the region in 25 years. The coronavirus is hitting the region’s three largest economies —Nigeria, South Africa, and Angola— in a context of persistently weak growth and investment. In particular, countries that depend on oil and mining exports would be hit the hardest. The negative impact of the COVID-19 crisis on household welfare would be equally dramatic. African policymakers need to develop a two-pronged strategy of “saving lives and protecting livelihoods.” This strategy includes (short-term) relief measures and (medium-term) recovery measures aimed at strengthening health systems, providing income support to workers and liquidity support to viable businesses. However, financing of these policies will be challenging amid deteriorating fiscal positions and heightened public debt vulnerabilities. Therefore, African countries will require financial assistance from their development partners -including COVID-19 related multilateral assistance and a debt service stand still with official bilateral creditors.
format	Serial
author	Zeufack, Albert G. Calderon, Cesar Kambou, Gerard Djiofack, Calvin Z. Kubota, Megumi Korman, Vijdan Cantu Canales, Catalina
author_facet	Zeufack, Albert G. Calderon, Cesar Kambou, Gerard Djiofack, Calvin Z. Kubota, Megumi Korman, Vijdan Cantu Canales, Catalina
author_sort	Zeufack, Albert G.
title	Africa's Pulse, No. 21, Spring 2020 : An Analysis of Issues Shaping Africa’s Economic Future
title_short	Africa's Pulse, No. 21, Spring 2020 : An Analysis of Issues Shaping Africa’s Economic Future
title_full	Africa's Pulse, No. 21, Spring 2020 : An Analysis of Issues Shaping Africa’s Economic Future
title_fullStr	Africa's Pulse, No. 21, Spring 2020 : An Analysis of Issues Shaping Africa’s Economic Future
title_full_unstemmed	Africa's Pulse, No. 21, Spring 2020 : An Analysis of Issues Shaping Africa’s Economic Future
title_sort	africa's pulse, no. 21, spring 2020 : an analysis of issues shaping africa’s economic future
publisher	World Bank, Washington, DC
publishDate	2020
url	http://documents.worldbank.org/curated/en/799911586462355556/An-Analysis-of-Issues-Shaping-Africas-Economic-Future http://hdl.handle.net/10986/33541
_version_	1764478990491320320

Africa's Pulse, No. 21, Spring 2020 : An Analysis of Issues Shaping Africa’s Economic Future

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